The Dubai International Arbitration Centre (DIAC) has finalized its new arbitration rules for 2022 as part of its efforts to cement Dubai’s role as a global alternative dispute resolution hub. The New Arbitration Rules will be effective from 21 March 2022.
Legal practitioners and parties wishing to resolve disputes through DIAC will benefit greatly from the new rules approved by the DIAC Board of Directors on 25 February 2022.
The DIAC Arbitration Rules 2022, interalia, contains provisions regulating:
- Alternative methods for appointing arbitrators
- Funding by third parties
- Joining of third parties
- Conciliation procedures
- Claim consolidation
- Interim measures
- Expedited procedures
- Emergency arbitration
DIAC arbitrations will be governed by the 2008 DIFC Arbitration Law (as amended in 2013), unless the parties agree otherwise. Moreover, the new Rules resolve concerns, which existed in the DIAC Arbitration Rules 2007.
The DIAC has also announced the appointment of members of its DIAC Court of Arbitration. In addition to taking over some of the duties of the now defunct DIAC Executive Committee, the DIAC Court of Arbitration will also supervise all DIAC Alternative Dispute Resolution services.
What is DIAC (Dubai International Arbitration Centre ) ?
Founded in 1994, DIAC is an autonomous non-profit institution that provides arbitration services to regional and international businesses, and is the largest arbitration center in the Middle East. Since its inception, DIAC has handled numerous arbitrations as part of its mission to establish Dubai as an international center for alternative dispute resolution, promote alternative dispute resolution services, and serve the international financial and business communities. In one of the recent surveys, DIAC was named one of the top ten arbitration centers in the world.
Dubai International Financial Centre Arbitration Institute, and Emirates Maritime Arbitration Centre (EMAC) were merged into Dubai International Arbitration Centre (DIAC) in 2021 by decree of H.H. Sheikh Mohammed.